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Technical & Tax Advice

 

Are you considering a Self-Managed Superannuation Fund?

We can help you make sense of this heavily regulated and complex area to ensure you are well-positioned for retirement.

 

Technical

The Superannuation law is strict and complex therefore you need to ensure that your Superannuation Fund does not breach the rules as you may face serious trustee penalties/fines.

Our Superannuation team provide technical advice tailored to your needs. We advise on your options for specific transactions to ensure your fund is compliant with the Superannuation (SIS) Act. We pride ourselves on being the first point of contact for our clients when they want to keep up to date with the latest Superannuation laws on an ongoing basis. Some of the main rules that you need to adhere to are:

  • Sole Purpose Test – The sole purpose of the fund must be to save for your retirement
  • Arm’s length rules – all investments are maintained on a strict commercial basis
  • Loans to members and relatives is prohibited
  • Borrowing Restriction – SMSF’s are generally not allowed to borrow money however there are some exceptions which include limited recourse loans
  • Prohibition from Acquiring assets from related parties – there are exceptions mainly business real property and Listed securities
  • In-House Assets Test – there are restrictions on how much you can invest and lend to a related entity or party
  • Conditions of release – when you can and can’t get access to your super
  • Residency – Super Fund must be an Australian Resident super fund and meet the residency rules
  • Separation of fund assets – SMSF assets must be held separately from personal assets

Tax

We also review and advise on the tax implications of various transactions including but not limited to:

  • Contributions & salary sacrificing
  • Pensions & Lump sums paid to members under 60
  • Death benefits lump sum and income streams to dependants/non-dependants
  • Non-arm’s length income and when the top rate of tax may apply to super
  • Analysing tax implications of having investments inside of super vs outside of super
Contact our Super Specialists today on (03) 9835 8200 or alternatively fill out the form below and we will be in touch.

Contact

Have enough to retire?

Do you know the benefits of an SMSF? Or need clarity on your Superannuation Fund?

Let our specialists provide you with the super solutions you need!

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